Note 7 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 7.   Employee Benefit Plans

We sponsor defined benefit pension plans covering substantially all U.S. employees.  Net periodic pension cost for the plans consisted of the following for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,
	2020			2019
Service cost	$	1,334		$	1,100
Interest cost		1,404			1,620
Expected return on plan assets		(1,872	)		(1,496	)
Amortization of prior service cost		29			15
Amortization of net loss		1,163			1,097
Net periodic pension cost	$	2,058		$	2,336

	Nine Months Ended September 30,
	2020			2019
Service cost	$	4,002		$	3,300
Interest cost		4,212			4,860
Expected return on plan assets		(5,616	)		(4,488	)
Amortization of prior service cost		87			45
Amortization of net loss		3,489			3,291
Net periodic pension cost	$	6,174		$	7,008

For the three- and nine-month periods ended September 30, 2020 and 2019, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net expense related to all other components of net periodic pension cost of $0.7 million and $2.2 million for the three- and nine-month periods ended September 30, 2020, respectively, and $1.2 million and $3.7 million for the three- and nine-month periods ended September 30, 2019, respectively, is included in other (expense) income on our condensed consolidated statements of operations and comprehensive income (loss).

In April and August 2020, we contributed $0.4 million and $12.4 million, respectively, in shares of our common stock, and in October 2020 we contributed $6.0 million in cash, to our defined benefit plans. There are no additional contributions to the plans required in 2020. We expect to contribute approximately $0.6 million to our unfunded supplemental executive retirement plan for benefits to be paid during 2020.